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Islamic Finance News: Oil producing countries try a new economic strategy

Since the beginnings of this year, Oil producing countries start to change their economic strategy to reduce depending on oil as the main source for money.

  • Saudi Arabia: The first step in new economy reform plans to reach  2030 vision Prince Mohamad Bin Salaman decided to privatisation of the big oil producing company Aramco. Saudi Arabia produced an average of 10.2 million BPD of crude in 2015. there had been a big drop in oil output among non-conventional and even other conventional producers. A presentation by the company the complex would create 80000 jobs and allow Saudi Arabia to reduce its imports by $12 billion while increasing the country’s gross domestic product by $17 billion.
  • Dubai: The United Arab Emirates aiming to boost growth of the industry as a step to find a new way of supporting economy. the cabinet has approved the creation of a centralised sharia authority that will monitor and set standards for Islamic finance in the country.
  • Bahrain: The Bahraini Islamic lender Al Baraka Banking Group reported that 5.1 percent fall in first-quarter net profit 37,8 million ending March 31 ,2016, down from 39.8 million in the same period 2015.
  • Qatar: Ezdan Holding a real estate developer and investment firm founded and chaired by members of the ruling al-Thani family, issue $500 million five-year Sukuk carries a profit rate of 4.375 percent.
  • Kuwait: Kuwait’s Boubyan launched $250 million capital-boosting Sukuk issue the deal, which will enhance the bank’s Tier 1, or core, capital, reached $1.3 billion.
  • Turkey: Turkish Deputy Prime Minister Mehmet Simsek said that Turkey will create regional Islamic finance “megabank” in partner with the Islamic Development Bank as part of a government drive plans to become a powerhouse in Islamic finance, the new lender would provide liquidity and investment banking services. more
  • Malaysia: The Islamic Development Bank (IDB)will elect a new president next week during its annual meeting to be held in Jakarta, replacing long-serving President Ahmad Mohamed Ali, Saudi Arabia, the IDB’s largest shareholder, has nominated former Haj Minister Bandar Hajjar for the post, whose candidacy was endorsed by the outgoing IDB president. more

(EBCTV)